J.P. Morgan Named Depositary Bank by SBI Holdings, Inc. in Hong Kong's First HDR Listing by Asian Company

HONG KONG, April 14, 2011 - J.P. Morgan has been named depositary bank for SBI Holdings, Inc.'s ("SBI") Hong Kong Depositary Receipt ("HDR") listing on the Stock Exchange of Hong Kong today, with the Japanese financial group marking a significant milestone as the first Asian company to execute an HDR listing.

SBI raised USD 207 million after issuing 20,000,000 HDRs at an issue price of USD 10.35 (HKD 80.23) per unit, which includes the over allotment option exercised by the underwriters. With the development of its domestic Japan business largely complete, SBI will use the capital raised to expand its operations internationally, with a specific focus on high growth markets in Asia.

Kenneth Tse, Asia Pacific head of J.P. Morgan's depositary receipts group, said: "We're delighted that SBI provided us with an opportunity to yet again showcase our HDR expertise, and we congratulate the team at SBI for completing the first HDR listing from an Asian company."

J.P. Morgan has now acted as depositary bank for both HDR listings in Hong Kong, with the SBI partnership following Vale S.A.'s ("Vale") listing by introduction in December 2010. Tse noted that the success of SBI and Vale would likely drive further interest in HDRs as a listing platform in Asia.

"An HDR listing is certainly an important consideration both for global companies looking to deepen their presence in Asia and Asia-based names wanting to broaden their operations across the region. Hong Kong is perfectly placed alongside China's dynamic economy, and as such, represents a logical platform for companies seeking to tap into the Greater China growth story."

Recently named 'Best DR Bank in Asia Pacific' by The Asset, J.P. Morgan is committed to working closely with its clients to design and implement customized depositary receipt programs to achieve their strategic goals and facilitate DR liquidity.

J.P. Morgan, which launched the world's first DR program in 1927 for Selfridges and the first DR program in Asia in 1961 for Sony, continues to serve as depositary receipt bank for leading companies throughout the region. J.P. Morgan provides a full range of American Depositary Receipt ("ADR") and Global Depositary Receipt ("GDR") services to issuers seeking to have their equity traded on exchanges beyond their home markets. For more information on depositary receipts and international equities, please visit J.P. Morgan's award-winning website, www.adr.com.

About SBI Holdings, Inc.
Established in 1999, SBI Holdings, Inc. is an internet-based financial group based in Japan, offering a comprehensive range of financial services such as asset management, brokerage and investment-banking, financial services and housing and real estate. It maintains, under the holding company, SBI Investment Co., Ltd, which is the largest venture capital firm, SBI SECURITIES Co., Ltd as Japan's leading online securities company, SBI Sumishin Net Bank, Ltd and SBI Insurance Co., Ltd. SBI Holdings, Inc. is listed both on the Tokyo Stock Exchange and Osaka Stock Exchange (Securities Code:8473).

About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, WSS leverages the firm's global scale, leading technology and deep industry expertise to service investments around the world. It has $16.6 trillion in assets under custody and $7.3 trillion in funds under administration. For more information, go to www.jpmorgan.com/wss.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.